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Fintech startup Freo has acquired digital lending marketplace IndiaLends, taking full ownership of the platform as part of its expansion strategy. The deal combines Freo’s financial products and regulatory licences with IndiaLends’ lending marketplace and distribution network.
Following the acquisition, the combined platform is expected to serve more than 50 million users.
Freo, founded by IIT and ISB alumni, offers services across payments, credit, insurance and investments. It operates with multiple licences, including a third-party application provider (TPAP) licence for UPI, an NBFC licence and an insurance corporate agent licence.
IndiaLends, founded by Gaurav Chopra, runs a digital marketplace for loans and credit cards. The platform has partnerships with over 80 banks, NBFCs and other financial institutions. It had previously raised USD 5.1 million in a funding round led by ACP Partners and DSG Consumer Partners.
The combined entity will focus on integrating AI across workflows such as customer analytics, underwriting, and product development. The aim is to improve operational efficiency and enhance execution as the business scales.
Freo added that it is planning a significant capital raise to support its next phase of growth. Earlier, in February 2024, the company had secured debt funding from SIDBI, although the amount was not disclosed.
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